CFPB PUBLISHES REVISED REMITTANCE RULE
Category: CFPB, Electronic Fund Transfer Act, Regulation E, Remittance Rule
The Consumer Financial Protection Bureau (CFPB) recently published what will hopefully be the final revisions to its remittance rules. The final revised rule will take effect on October 28, 2013. The remittance rules create a comprehensive consumer protection regime for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries. Under the remittance rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as
The U.S. Department of Housing and Urban Development (HUD) recently announced that it has reached yet another agreement with a mortgage lender that apparently discriminated against a woman on maternity leave. The lender entered into the agreement to settle allegations that it denied woman a mortgage loan because she was pregnant and on maternity leave. The Fair Housing Act prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on
On April 19th the Consumer Financial Protection Bureau (CFPB) proposed changes to the Qualified Mortgage (QM) and Servicing Rules. The proposal addresses five topics: Debt-to-Income Ratio Under the Ability to Repay rule, a lender may make a qualified mortgage (QM), a loan for which certain features are prohibited and fees that can be charged are limited. The rule provides for different types of QMs, the main type requiring that a consumer’s debt-to-income ratio (DTI) show
CFPB PUBLISHES REGULATION Z ESCROW GUIDANCE
Category: CFPB, Lending Compliance, Regulation Z, Truth in Lending
On April 19th the Consumer Financial Protection Bureau (CFPB) published TILA Escrow Rule Small Entity Compliance Guide. The 21- page Guide provides a summary of the TILA Escrow Rule. The guide also highlights issues that small creditors might find helpful to consider when implementing the rule. The Guide is available here.
REVISED HMDA GUIDE
Category: FFIEC, HMDA, Lending Compliance, Regulation C
On April 18th the Federal Financial Institutions Examination Council (FFIEC) published an updated version of A Guide to HMDA Reporting: Getting It Right. This is the first time the Guide has been updated since 2010. The 2013 edition reflects the transfer of authority over Regulation C from the Federal Reserve Board to the Consumer Financial Protection Bureau. Appendix D, comment 1003.2 is updated with the asset-size threshold exemption applicable to collection of 2013 data. There
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